Roundtable Annual Report FINAL

8/9/2019 Roundtable Annual Report FINAL

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Impacting Policy. Impacting People.

THE FINANCIALSERVICES ROUNDTABLE

Financing the Economy Through Good Times and Bad2008 Annual Report

AEGON USA, INC. AFFILIATED MANAGERS GROUP, INC. ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA ALLIED CAPITAL CORPORATION THE ALLSTATE CORPORATION

AMERICAN INTERNATIONAL GROUP, INC. (AIG) AMERIPRISE FINANCIAL, INC. AON CORPORATION ASSOCIATED BANC-CORP ASSURANT, INC. AXA FINANCIAL, INC.

BANCORPSOUTH, INC. BANCWEST CORPORATION BANK OF AMERICA CORPORATION BANK OF HAWAII CORPORATION THE BANK OF NEW YORK MELLON CORPORATION

BARCLAYS CAPITAL, INC. BB&T CORPORATION CAPITAL ONE FINANCIAL CORPORATION THE CHARLES SCHWAB CORPORATION THE CHUBB CORPORATION CITIGROUP INC.

CITIZENS FINANCIAL GROUP, INC. CITY NATIONAL CORPORATION COMERICA INCORPORATED COMMERCE BANCSHARES, INC. COMPASS BANCSHARES, INC. COUNTRYWIDE

FINANCIAL CORPORATION CULLEN/FROST BANKERS, INC. EDWARD JONES FEDERATED INVESTORS, INC. FIDELITY INVESTMENTS FIFTH THIRD BANCORP

FIRST COMMONWEALTH FINANCIAL CORPORATION FIRST HORIZON NATIONAL CORPORATION FORD MOTOR CREDIT COMPANY FULTON FINANCIAL CORPORATION

GENERAL ELECTRIC COMPANY GENWORTH FINANCIAL GMAC FINANCIAL SERVICES GUARANTY FINANCIAL SERVICES HARRIS BANKCORP, INC. THE HARTFORD FINANCIAL

SERVICES GROUP, INC. HSBC NORTH AMERICA HOLDINGS, INC. HUNTINGTON BANCSHARES INCORPORATED ING JOHN DEERE CREDIT COMPANY JOHN HANCOCK FINANCIAL

SERVICES, INC. JPMORGAN CHASE & CO. KEYCORP LEGG MASON, INC. LINCOLN NATIONAL CORPORATION M&T BANK CORPORATION MARSHALL & ILSLEY CORPORATION

MASTERCARD INCORPORATED MERRILL LYNCH & CO., INC. MUTUAL OF OMAHA INSURANCE COMPANY NATIONAL CITY CORPORATION NATIONWIDE THE NASDAQ

STOCK MARKET, INC. NORTHERN TRUST CORPORATION THE PMI GROUP, INC. THE PNC FINANCIAL SERVICES GROUP, INC. POPULAR, INC. PRINCIPAL FINANCIAL GROUP

PROTECTIVE LIFE CORPORATION PRUDENTIAL FINANCIAL INC. RAYMOND JAMES FINANCIAL, INC. RBC CENTURA BANKS, INC. REGIONS FINANCIAL CORPORATION

SAFECO CORPORATION STATE FARM INSURANCE COMPANIES STATE STREET CORPORATION SUNTRUST BANKS, INC. SYNOVUS TD BANKNORTH INC.

TIAA-CREF TOYOTA FINANCIAL SERVICES UBS UNIONBANCAL CORPORATION UNITED BANKSHARES, INC. UNUM USAA U.S. BANCORP

VISA, I NC . WAC HOVIA C OR PO RAT IO N WA DD EL L & R EED F IN AN CI AL , I NC . WA SH IN GTO N MUT UA L, I NC . W EB ST ER F IN AN CI AL C OR PO RAT IO N

WELLS FARGO & COMPANY WESTERN & SOUTHERN FINANCIAL GROUP WHITNEY HOLDING CORPORATION ZIONS BANCORPORATION ZURICH FINANCIAL SERVICES


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Table of Contents

Message from the Chairman, President and CEO

The Financial Services Roundtable: In Good Times and Bad

A Year of Offense, a Year of Defense

The HOPE NOW Alliance: Offering Solutions, Offering Hope

Housing Policy Council: Stepping Up to Help In a Year of Extraordinary Challenges

Community Build Day 2007: Reaching Deeper, Raising More

MyMoneyManagement.net: Financial Education Delivered

BITS: Advancing Practices and Policy in Security, Fraud, Vendor Management, and Regulation

The Identity Theft Assistance Center (ITAC): Thought Leader, Business Partner

Agents for Change Continues to Grow and Gain Momentum

Looking to the Future: The Roundtable Takes the Lead

2008 Officers and Board of Directors

The 2007 Financial Services Roundtable Financial Statements

The Mission of The Financial Services Roundtable

The Financial Services Roundtable Staff

Member Companies of the The Financial Services Roundtable

1

2

6

10

12

14

16

18

22

24

26

28

30

33

34

36


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Faced with an acceleration in mortgage foreclosures,

our member companies helped build HOPE NOW,

an unprecedented industry-wide effort to reach out

to homeowners in danger of losing their homes. Theyembraced and supported MyMoneyManagement.net,

The Financial Services Roundtables initiative to

educate and assist consumers on the verge of financial

trouble. Then there are the 30,000 consumers

victimized by identity theft who have benefited from

the free services of the Identity Theft Assistance

Center; and the more than 26,000 volunteers who

gave of their time and generosity in support of our

Community Build Day.

Meanwhile, the Roundtable advocated in Washington

on the need for public policy that promotes competitive-

ness, GSE reform, patent reform, and an optional

federal insurance charter.

On the technology front, we acknowledge the

outstanding contributions of BITS founding president,

Catherine Allen, who left the organization in 2007.

Under Ms. Allens visionary guidance, BITS emerged

as the undeniable and widely recognized expert in

financial services technology issues.

The American economy and the American people

have faced challenges before. And so have the member

companies of The Financial Services Roundtable. But

through it all, theyve continued to innovate, challenge

each other, and keep focus where it belongs: serving the

American public.

Message From the Chairman, President and CEO

Challenges BringOut The Best InMany Of Us

And 2007 WasA Challenging Year

Thomas A. RenyiThe Bank of New YorkMellon CorporationChairman,The Financial ServicesRoundtable

Steve BartlettPresident and CEOThe Financial ServicesRoundtable


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Introduction

The stock market fell 50%.

The country entered a recession.And confidence in theAmerican banking systemwas at an all-time low.

The Year Was 1907.

Crisis though it may have been, the Bankers

Panic of 1907 was short-lived. Financial services

institutions worked in concert with legislators

to restore confidence in the American economy

and achieved success as early as February 1908.

The establishment of the National Monetary

Commission, an institution that later became

the Federal Reserve, went a long ways towards

achieving the goal of putting the American

economy back on track.

The member companiesof The Financial Services

Roundtable have a long historyof serving American consumersand advocating public policythat encourages competitionand innovation.

The FinancialServicesRoundtable

In Good Times

And Bad

2 THE FINANCIAL SERVICES ROUNDTABLE


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As Americans moved throug

the 1920s, another crisis was

yet to unfold. The Great Crash

of 1929 signaled the downward

economic slide that initiated th

Great Depression, a period of

enormous challenge for Americ

and for individual Americans

Though many of the regula-

tions passed to address the

underlying economic issues

were scaled back in the 1970s

and 1980s as a result of a

bipartisan call for deregulation,

new ways of doing business too

hold, making an economic

calamity on such a devastating

scale a virtual impossibility inthe future.

Through the wartime chal-

lenges of the 1940s to the post-

war prosperity of the 1950s and

1960s the oft-called Golden

Era of American Capitalism

the member companies of The

Financial Services Roundtable

were there, providing services

and products that helped

Americans live better lives.

Innovation was the key.

With the introduction of the fir

bank credit card in the 1940s,

Americans were free to buy wh

they wanted when and where

they wanted to do so. The cre-

ation of ATMs in the 1970s

made it easier than ever before

for Americans to access their

own money on their own terms

and in their own time.

THE FINANCIAL SERVICES ROUNDTABLE


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The development of mutual funds, annuities,

and other innovative investment vehicles took

the intimidation factor out of investing and made

it affordable and easier for more families than

ever before.

The standard of living for everyday Americans

was climbing to unprecedented heights, thanks in

no small part to the financial services industry.

In 1999 one of the greatest milestones for

American consumers was passed. The Gramm-

Leach-Bliley Financial Services Modernization Act

opened up competition among securities companies,

and insurance companies. The result for consumers

was dramatic: Americans, no matter where they

lived, had access to a greater variety of products and

services at more competitive prices than ever before.

Through the freedoms granted by Gramm-Leach-Bliley, the member companies of The Financial

Services Roundtable were able to innovate and

compete in ways they never had before.

The Big Winner Was UndeniablyThe American Consumer.

Today, the American housing marketplace is

facing a series of challenges. The member companies

of The Financial Services Roundtable welcome the

steps taken by the Federal Reserve to protect

American consumers by formally codifying what

was previously only suggested guidance for lenders

and servicers. As an additional measure, member

companies have committed to a five-year freeze on

interest rate resets for qualifying mortgages in order

to assist homeowners in financial trouble. Finally,

Roundtable members supported making mortgage

insurance premiums tax deductible and making

mortgage debt forgiveness non-taxable.

Just as important, Roundtable member

companies have recommitted and redoubled efforts



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to reach out to those in danger

of foreclosure through the HOP

NOW Alliance. This nonprofit

consortium offers consumers

free assistance from accredited

counselors who work with

lenders to keep homeowners

in their homes. To date, HOPE

NOW has assisted 870,000

consumers and the calls are

increasing daily.

MyMoneyManagement.net

is yet another way that member

companies are reaching out

to assist consumers. This

educational Web site provides

a comprehensive array of article

and tools designed to providepractical guidance to consumer

before their financial problems

become overwhelming. And the

Identity Theft Assistance Cente

(ITAC) is a free service provide

by participating companies to

help consumers who are the

victim of identity theft.

The member companies

of The Financial Services

Roundtable have always sup-

ported public policy to protect

American consumers, while

offering financial services

institutions the freedom they

require to innovate, compete,

and offer Americans the

products and services they

deserve.

Just as they will continue to

do. In good times and in bad.


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Legislative Issues

Attorney-Client Privilege:In the current regulatory

climate, the Department of Justice and the Securities

Exchange Commission may force companies and

employees to waive their attorney-client privilege

in order to be perceived as cooperating in an

investigation. The Roundtable along with a

broad-based spectrum of companies and trade

associations believes this is fundamentally wrong.

Members of the House agreed and a bipartisan majority

passed a bill prohibiting the forced waiving of privilege.Senator Arlen Specter (R-PA) is a powerful advocate

for this legislation on the Senate Side.

Terrorism Risk Insurance Act (TRIA): With TRIA set to

expire at the end of 2007, Congress acted in time and an

extension for an additional seven years was sent to the

President on December 19, 2007. A priority of the

Legislative/Regulatory Overview

Working with a new majority inCongress, the Roundtableplayed both offensive and

defensive roles to see prioritiesenacted and protect against theerosion of issues important tothe financial services industry and to American consumers.

A Year OfOffense

A Year Of

Defense

Enacting legislation that will

keep the financial servicesindustry vital and encouraginga principles-based approachto regulation are the coreof the Financial ServicesRoundtables policy mission.



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Roundtable, the bill is essential

to protecting the insurance indus

from catastrophic losses due to

terrorism.

Anti-money Laundering:The

Roundtable worked closely with

House Financial Services

Committee Chairman BarneyFrank (D-MA) to reform the

current burdensome reporting

system. In addition to testifying

at a Committee hearing, the

Roundtable submitted to Chairm

Frank specific recommendations f

a complete overhaul of the system

urging the Chairman to use these

recommendations as a starting

point towards the creation of amore efficient and effective system

The Roundtable also offered a

series of short-term recommenda-

tions that would immediately ease

the burdens resulting from the

current system and, at the same

time, better protect the American

people. The issue will remain a

top priority into 2008.

Patent Reform: There was success

in this area, a major priority for

the Roundtable in 2007. H.R.

1908 will improve patent law

and will establish fairness.

Senate Majority Leader Harry

Reid (D-NV) has committed to

addressing the issue in the Senat

in 2008.

Student Loans: Legislation to cut

the government assistance used

by financial services companies

to provide student loans was

signed into law this year over the

opposition of the Roundtable and

other trade associations. Howeve

the Roundtable was able to avoid


10/39

the inclusion of provisions that would be even more

directly harmful to the private student loan market-

place. The Roundtable expects that it will be necessary

to continue to play a defensive role in this area since

further activity is anticipated in 2008.

Bankruptcy Reform: The Roundtable defended

against efforts to chip away the 2005 bankruptcy

reform and to grant judges new powers.. A Housecommittee reported out a bill to give bankruptcy

judges the power to alter the terms of a mortgage and

Roundtable President and CEO Steve Bartlett testified

in opposition to the bill. On the Senate front, two

companion bills were introduced and, at a Senate

Judiciary Committee hearing, witnesses testified that

the bills would force an increase in mortgage interest

rates. The Roundtable co-leads a coalition of financial

services trade organizations opposing the bills and it

is expected that this issue will remain very much onthe agenda during 2008.

Credit Card Restrictions: Key members of both the

House and the Senate stated their intention to pass

legislation to prohibit specific credit card practices,

including double cycle billing and universal default.

As with regards to the bankruptcy law, this issue is

likely to remain on the Congressional forefront during

2008 and the Roundtable will continue to play a

defensive position.

Regulatory Issues

In November 2007, the Financial Services

Roundtables Committee on Enhancing Competitive-

ness released The Blueprint for U.S. Financial

Competitiveness in which it recommended 68 legislative

and regulatory initiatives that would enhance competition

and the U.S. economy. Key to the Blueprint is the

recommendation that a principles-based approach to

regulatory supervision of the financial services industrybe undertaken in order to promote more open oversight

and coordination between industry and regulators, as

well as to ultimately improve regulation.

In 2007, the Financial Services Roundtable was active

in the following regulatory issues:

Accounting Convergence: The Roundtable submitted

comments to the Securities Exchange Commission on

the convergence of accounting standards for both

foreign and U.S. issuers, something the Roundtable

believes would result in a single, high quality set ofglobal accounting standards as recommended in the

competitiveness Blueprint. The SEC unanimously

voted to allow foreign companies to use international

accounting standards when filing with the agency, a

step the Roundtable believes is a step towards the larger

goal of accounting convergence.

Amicus Briefs: Three friend of the court briefs were

filed on issues affecting Roundtable member companies,



11/39

including the case ofStoneridge

Investment Partners, LLC v. Scientific

Atlanta, Inc. filed with the U.S.Supreme Court. The Roundtable

also joined other banking associa-

tions in filing briefs before federal

appellate courts in Connecticut

and Texas arguing that the First

Amendment provisions in the

Bankruptcy Abuse Prevention

and Consumer Act of 2005 apply

to all bankruptcy attorneys.

Basel II: The Federal Reserve, the

Office of the Comptroller of the

Currency, the Office of ThriftSupervision, and the Federal

Deposit Insurance Corporation

approved final rules establishing

regulatory and supervisory require-

ments for credit and operational

risk, as well as enhancing standards

for supervisory review of capital

adequacy and public disclosures

for national banks. The Blueprint

contains a number of recommend

tions for regulators during the

Basel II implementation process

and the Roundtable plans to

actively work in support of these

recommendations.

The Roundtable, through

its Government Affairs and BITS

divisions, also filed comments wit

appropriate regulatory agencies on

the following issues:

FDIC Assessment Dividends and

Deposit Premiums

Federal Identity Theft

Task Force Report

Garnishment of Exempt Federal

Benefit Funds

Principle Trades with Specified

Advisory Clients

REAL ID

Reg R (the push-out rule)

Reg Z

Rule 12-bI

Rules 144 and 145 of the Securiti

Act of 1933

Consent-based Social Security

Number Verification Program

Use of Social Security Numbers b

the Private Sector

Unfair and Deceptive Practices

Rulemaking

Unlawful Internet Gambling

Whois Database


12/39

HOPE NOW

The importance of communica-tion cant be emphasizedenough: more than 50% ofthose entering into foreclosurenever reach out to their lenderfor assistance. HOPE NOWis out to change that unfortu-nate statistic.

A natural outgrowth of the Homeownership

Preservation Effort, founded in 2006 by theRoundtables Housing Policy Council along with

non-profit partners, the new HOPE NOW Alliance

brings together a consortium of participants in the

housing marketplace committed to helping consumers

who find themselves in financial trouble hold on to

their piece of the American Dream.

Formed with the encouragement of the Departments

of the Treasury and Housing and Urban Development,

HOPE NOW establishes a coordinated, national

approach among servicers, investors, and counselors

to maximize efforts to communicate with borrowers

having difficulty making their mortgage payments by

offering them workable options that may allow them

to avoid foreclosure.

The importance of communication cant be

emphasized enough: more than 50% of those entering

into foreclosure never reach out to their lender for

The HOPE NOWAlliance

Offering

Solutions,Offering Hope


An unprecedented coalitionbetween lenders, investors,mortgage market participants,

and trade associations tobridge the communicationsgap between lenders, borrow-ers and help homeowners introuble stay in their homes.


13/39

assistance. HOPE NOW is out to

change that unfortunate statistic.

Every participating lender in the

HOPE NOW Alliance must abide by

a set of guiding principles, including

agreeing to:

Contact at-risk borrowers at least

120 days prior to an interest rate reset;

establish a single port of entry for

all participating counselors to speed

solutions for borrowers; set up dedicat-

ed email and fax connections to

support counselors working directly

with borrowers.

A key part of HOPE NOW is

the Homeowners HOPE Hotline,

888-995-HOPE, provided by theHomeownership Preservation

Foundation. Since the hotlines incep-

tion and through the end of 2007,

over 352,800 calls were received and

more than 124,300 homeowners

counseled. While those numbers are

impressive, with the goal of reaching

at many at-risk borrowers as possible,

a comprehensive direct mail campaign

one that is already achieving dramaticresults was undertaken.

490,000 direct mail letters alerting

homeowners to the assistance available

at HOPE NOW were sent out in

November and December 2007. In the

last two months of 2007, more than

120,000 calls were received in 2008,

the HOPE NOW Alliance will continue

efforts to educate and reach out tohomeowners who fear there is no

solution available to them other than

foreclosure. With the assistance of

the Homeowners HOPE Hotline,

tens of thousands of consumers are

learning more about their options

and rediscovering hope.

Members of theHOPE NOW Alliance

American Bankers Association

American Financial Services

Association

American Securitization Forum

Assurant, Inc.

Aurora Loan Services

Avelo Mortgage, LLC.

Bank of America

Carrington Mortgage Services

Chase

Consumer Credit Counseling

Service of Atlanta

Citigroup, Inc.

Consumer Bankers Association

Consumer Mortgage Coalition

Countrywide Financial Corporati

EMC Mortgage, Inc./ Bear Stearn

Fannie Mae

The Financial Services Roundtab

First Horizon Home Loans and

First Tennessee Home Loans

Freddie Mac

GMAC ResCap

Homeownership Preservation

Foundation

Home Loan Services, Inc.

HomEq Servicing

Housing Partnership Network

The Housing Policy Council

HSBC FinanceIndymac Bank

Litton Loan Servicing

MERS

National City Mortgage Corporat

Nationstar Mortgage, LLC

NeighborWorks America

Mortgage Bankers Association

Ocwen Loan Servicing, LLC

Option One Mortgage Corporatio

PMI Mortgage Insurance Co.

Saxon Mortgage Services

Securities Industry and FinancialMarkets Association

Select Portfolio Servicing, Inc.

State Farm Insurance Companies

SunTrust Mortgage, Inc.

Washington Mutual, Inc.

Wells Fargo & Company

Wilshire Credit Corporation

as of February 18, 2008


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Housing Policy Council

The Housing PolicyCouncil ramps up withthe HOPE NOW Allianceand continues to workwith Congress and federalregulators to stabilize thehousing marketplace.

As the mortgage providers for

millions of American families,the member companies ofthe Housing Policy Councilrecognize the responsibilitythey bear to keep the housingmarketplace vibrant.

The HOPE NOW Alliance strongly supported by

the Administration, the Department of the Treasury,

and Housing and Urban Development was formed in

late 2007. Based on the extraordinary success HOPE

NOW has achieved in outreach and counseling for

homeowners and the ever-increasing number of calls

(pages 10 and 11) the Homeowners HOPETMHotline

is receiving, its clear that the service of bridging

the gap between borrowers and their providers is

working to prevent or substantially reduce the

number of foreclosures.

Housing PolicyCouncil

Stepping Up

To Help In A YearOf ExtraordinaryChallenges



15/39

Regulatory Changeis an Important Stepin Solidifying Markets

The member companies of the

Housing Policy Council support

the recent efforts by the Federal

Reserve to formalize regulations

that the HPC believes along

with voluntary industry efforts

to refinance, modify and provide

other workout options for loans

will go a long way toward

addressing the issues currently

facing the subprime market. HPC

worked for improvements in

H.R. 3915, the mortgage legisla-

tion passed by the House at

the end of 2007, but could

not support the bill because of

its potential restriction of credit.

HPC opposes legislation current-

ly being considered in the House

that would give judges the power

to alter mortgage terms in a

bankruptcy preceding.

The HPC does support

bipartisan legislation, H.R. 1427,to reform regulation of the

Government-sponsored Enter-

prises. HPC is working to

encourage Senate action to

strengthen oversight of the

GSEs in 2008. The HPC also

supports legislation passed by

the House and Senate that

would give the Federal Housing

Administration greater abilityto insure mortgages for low and

moderate-income borrowers.

The HPCs goals for 2008

are to support efforts to strength-

en the stability of the housing

finance system and to protect

buyers from predatory lending

practices, without permanently

restricting credit to Americans

seeking to purchase a home, as

well as to continue to expand

the HOPE NOW foreclosure

prevention effort to help

homeowners in distress.

Housing Policy CouncilMember Companies

American General Financial

Services, Inc./AIG

Assurant Specialty Property

Bank of America Corporation

BB&T Corporation

Citigroup Inc.

Countrywide Financial

Corporation

Fifth Third BancorpFirst Horizon National

Corporation

General Electric Company

GMAC Financial Services

Genworth Financial

H&R Block, Inc.

HSBC North America

Holdings, Inc.

J.P. Morgan Chase & Co.

National City Corporation

Nationwide

PMI Group

Popular Financial Holdings

State Farm Insurance Compani

SunTrust Banks, Inc.

Wachovia Corporation

Washington Mutual, Inc.



16/39

Community Build Day

More than 26,500 volunteersfrom 76 member companies in

all 50 states raised more than$3.8 million and assisted 3,500families in the most successfulCommunity Build Day in theRoundtables history.

When help is needed, employees of member

companies of The Financial Services Roundtable

are there to provide it. From June through August,employees of member companies reached out to give

back to their communities at virtually unprecedented

levels, including:

450 community builds

26,500 volunteers

263 cities

50 states and Puerto Rico

$3.8 million raised

3,500 families helped

112 election officials attended

78+million consumers reached through press hits

While Community Build Day initially focused on actual

community builds, the focus has now expanded to

include a variety of community service initiatives. In 2007

efforts included:

116 Back to School drives

96 repair/remodeling jobs

78 houses built

30 miscellaneous community projects

29 fundraising drives

27 food/clothing drives

27 charitable run/walks25 financial education programs

18 blood drives

17 education programs

2 environmental clean-ups

An Extended Focus, a New NameReflecting the expanded focus and the variety

of activities included, Community Build Day will

become Community Service 2008. For information

CommunityBuild Day 2007

Reaching Deeper,

Raising More



17/39

Euler Hermes

Fifth Third Bank

First Commonwealth Financial

Corporation

First Horizon National Corp.

Ford Motor Credit Company

Frost

Fulton Financial Corporation

GE Money

Genworth FinancialGMAC Financial Services

Guaranty Financial Services a

Temple Inland Company

H&R Block

Harris Bankcorp, Inc.

HSBC - North America

John Deere Credit

KeyCorp

Lincoln Financial Group

M&T Bank

Monumental Life Insurance

Company


Nationwide

Northern Trust

PNC Financial Services Group

Prudential Financial Inc.

RBC Centura Bank

State Street Corporation

SunTrust

Synovus

TIAA-CREF

Transamerica Occidental Life

Insurance Company

UBS

USAA


Waddell & Reed Financial, Inc.

Webster Financial Corporation

Western & Southern Financial

Group

Western Reserve Life Assuranc

Co. of Ohio

Whitney National Bank

Zions Bank

Partners

Americas Promise

Habitat for Humanity

NeighborWorks America

Points of Light Foundation

Rebuilding Together

USA Freedom Corps

on how your company can partic-

ipate, please contact Aleksia Ilic

at [email protected].

Community Build DayNational SponsorsACE Group

AEGON USA, Inc.

Allstate Insurance CompanyAmerican General Financial

Services

Bank of the West

Barclays Capital

Capital One Financial

Corporation

Citi

Edward Jones

ING

MasterCard Worldwide

Merrill Lynch

Principal Financial GroupRaymond James

Regions Financial Corporation

State Farm Insurance

Toyota Financial Services

Unum

U.S. Bancorp

WaMu

Wells Fargo

Participating Companies

AEGON Direct MarketingServices. Inc.

Agents for Change

Allianz Life Insurance Company

of America

Allied Capital Corporation

American Express

Ameriprise Financial

Aon Corporation

Associated Banc-Corp

Assurant, Inc.

AXA Equitable

Banco PopularBank of America

Bank of Hawaii

BancorpSouth

BB&T

BNY Mellon

Charles Schwab & Co., Inc.

Charter One Bank

Citizens Bank

City National Bank

Commerce Bancshares, Inc.


Corporation


18/39

MyMoneyManagement.Net

With over 595,000 page viewssince November 2006,

MyMoneyManagement.netcelebrates its first anniversaryby expanding content to over200 pages and adding a newSpanish-language section.


was created for a single butundeniably important purpose:to reach out early in the processto consumers in financialtrouble by encouraging themto take advantage of theservices of a credit counselor.

Since its launch, the site has experienced phenomenalgrowth, with more than 12,000 visitors logging on

each month.

Those visiting the site benefited from new

content created in 2007. The areas covered include:

foreclosure prevention, featuring information on

the HOPE Now Alliance; how to cope with the

financial challenges brought on by life events,

such as marriage, divorce, bereavement, military

deployment, and starting a family; and, with the goal

of providing feedback that would be helpful in the

sites continuing evolution, the addition of a user

survey. The results of the survey to date have been

encouraging, with virtually 100% of the survey

responders indicating that they found the site helpful

or somewhat helpful.


Financial

EducationDelivered

Recognizing the need to reach out to thegrowing Spanish language audience, the site

added an extensive new section featuring 40

articles focusing on budgeting, how to plan

for emergencies, and home ownership.

MyMoneyManagement.net also produced

three publications targeting consumers in 2007,

including a booklet providing general information

on managing finances and becoming financially fit,

a second offering specific tips for consumers on

understanding their financial situation and how

to maintain financial security, and a third produced

in response to the housing crisis providing targeted

information for homeowners in financial distress.

Distribution of this booklet has already exceeded

7,500, with copies distributed to Congress,

Roundtable member companies, as well as to

nonprofit organizations.



19/39

MyMoneyManagement.net is

but one of the many ways that

Round- table member companies

are proactively reaching out to ass

consumers in distress. With its

timely focus on consumer educati

the site is expected to continue

to grow and to reach increasing

numbers of consumers each mont

MyMoneyManagement.nPartnersAmerican Express Company

American General Finance

Corporation


The Bear Stearns Companies Inc.

Chase

CitiDiscover Financial Services, Inc.




HSBC North America Holdings In

JPMorgan Chase & Co.

KeyBank

MasterCard Worldwide


Regions Bank

SunTrust

SynovusToyota Financial Services

TSYS (Synovus)

US Bank

VISA

Wachovia



20/39


21/39

SecurityConvened a Wireless Security Forum

In June 2007, BITS hosted a foru

on topics ranging from WiFi

administration to mobile banking

Experts focused on the business

context, security concerns, regula-

tion, and collaboration in these

three areas.

Defined secure email protocols and

promoted their adoption by members

and partners. BITS published its

Email Security Toolkit, urging

financial services institutions,

their service providers, and

business partners to adopt

important non-proprietary emailprotocols to attain a higher level

of confidence in security.

Developed best practices for day-to-d

management of encryption keys.

Encryption is increasingly

important as a tool to protect

personally identifiable information

and effective key management

is essential to ensuring the integri

of encrypted data.

Defended security and fraud

professionals access to ICANNs

Whois database. In two comment

letters to the Internet Corporation

for Assigned Names and Number

(ICANN), BITS successfully urge

continued access to this database

used by financial institutions to

combat fraud and phishing.


22/39

Identified application security and endpoint security as critical

issues for 2008. The continuing evolution of the Web

and mobile technologies raises important security

considerations. BITS will host a forum in March 2008

on Securing Web-based Business Applications.

Fraud

Developed mortgage fraud consumer education andawareness toolkit. Written for the consumer audience,

the kit includes a simple definition of mortgage fraud

and provides examples and red flags for today's common

mortgage fraud schemes.

Assembled a bibliography of debit card fraud resources. This

resource list includes publicly available research papers

and articles as they relate to debit card/ATM fraud.

Hosted a forum on internet fraud. 130 representatives from

85 companies, regulatory agencies, and law enforcementagencies discussed strategies for mitigating the risk of

internet fraud.

Identified a range of approaches and best practices for

managing remote channel fraud risk. BITS continued its

work in combating remote-channel fraud by categorizing

the various online banking channels, the risks inherent

to each channel, and the various control strategies

associated with each risk.

Scoping inter-disciplinary issues for 2008, including phone

center and PC authentication. The BITS Steering Fraud

Committee has discussed the best organizational

and technology approaches to managing cross channel

risk and to effectively sharing their learning.

Vendor ManagementConvened the 6th Annual Outsourcing Conference. More

than fifty financial institution representatives and sixty

industry partners focused on the strategic issues in

outsourcing, including the key drivers, risk management

strategies, cross-cultural challenges, and the regulatory

landscape at a conference sponsored by BITS and its

partners.



23/39

Hosted roundtables on such topics as

access, offshore collections, privacy,

and contracts. These industry

gatherings gave members valuable

opportunities to share information

and learn from each other.

Released Shared Assessments 3.0,

reducing mandatory questions from2,100 to 150. The Financial

Institution Shared Assessments

Program, managed on BITS behalf

by The Santa Fe Group, released

an enhanced and streamlined

Version 3.0 of the Standardized

Information Gathering (SIG)

questionnaire in October 2007.

Expanded Shared Assessments to

50 firms, 100 assessments, and four

countries. Shared Assessments is

gaining notice internationally,

including Brazil, India, Canada

and Singapore. Companies

operating in other industries,

including health care, are increas-

ingly interested in using Shared

Assessments for their environment

and risk management programs.

Regulation

Filed eight comment letters on:

Identity Theft

National IDs

Short Privacy Notices

Social Security Numbers

ICANNS Whois Database

Internet Gambling

Letters were filed with both

our financial and non-financial

regulators:

Federal Reserve System

Comptroller of the Currency

Office of Thrift Supervision

National Credit Union

AdministrationSecurities and Exchange

Commission

Commodities Futures Trading

Commission

Federal Deposit Insurance

Corporation

Department of Treasury

Federal Trade Commission

Office of Management and Budge

Social Security AdministrationDepartment of Commerce

Testified and briefed Congress on

threats, industry practices, and

government oversight.

Created a dialogue with regulators

in multiple BITS conferences,

committees, and calls by speaking

at conferences and meetings

hosted by regulators.

Updated information technology

examiners of regulatory agencies

on BITS efforts and tools,

including the BITS Shared

Assessments Program.


24/39

ITAC

ITAC has helped more than30,000 consumers restoretheir financial identities since2004, making ITAC the goldstandard of resolution services.

Established to assist identity

theft victims in restoring theirfinancial reputation, ITACsends a clear message that thefinancial services industry ispart of the solution not the problem.

ITACs impact on consumers ITAC is profound,

as illustrated by the relief and gratitude reflectedin the real stories that can be found online at

www.identitytheftassistance.org.

In 2007, ITAC continued to build on its success with

consumers and law enforcement to deliver a powerful

and credible message to Capitol Hill and to help shape

and influence the public dialog on identity theft and

data breach.

The business and political risks posed by identity

theft and data breaches continue to evolve, making

industry leadership in creating non-legislative solutions

increasingly important. ITACs role as a nonprofit,

industry consortium has been recognized by policymak-

ers and other stakeholders as a proven strategy to fight

identity theft. With every victim ITAC helps and every

criminal arrested, ITAC validates its guiding principle,

Our Purpose, Your Protection.

The IdentityTheft AssistanceCenter (ITAC)

Thought Leader,

BusinessPartner



25/39

ITAC Member Companies

AEGON USA, Inc.

Assurant, Inc.

BancorpSouth, Inc.

BancWest Corporation


The Bank of New York Mellon

BB&T Corporation

Capital One Financial Group,Inc.

Citigroup, Inc.

Citizens Financial Group, Inc.

City National Corporation

Comerica Incorporated

Compass Bancshares, Inc.


Corporation

Edward Jones

Fidelity Investments

First Horizon National

CorporationFord Motor Credit Company

Frost Bank


Genworth Financial



HSBC North America Holding

Inc.

Huntington Bancshares

Incorporated

KeyCorp

MasterCard IncorporatedNational City Corporation

Nationwide

Northern Trust Corporation

Popular, Inc.

PNC Financial Services Group,

Inc.

RBC Centura Bank, Inc.


State Farm Insurance Compani


Synovus


UnionBanCal Corporation

U.S. Bancorp



Whitney Holding Corporation

Today ITAC is a leading

resource for data and commentary

related to identity theft, fraud, and

data breaches. At a time of rising

consumer fear of identity theft and

with the call for legislative solutions

continuing unabated, ITAC serves

as the trusted source for reporters,

Capitol Hill, academics, and others

seeking an unbiased, authoritative

perspective. ITACs thought

leadership validates the objectives

of The Financial Roundtable and

BITS: That the industry has a

unified and comprehensive strategy

to fight identity crime.

ITACs key strategic

partnerships in 2007 included:ID Safety (www.idsafety.org).

An initiative of the International

Association of Chiefs of Police

(IACP) and Bank of America,

ID Safety provides police with tools

and information to help victims

and investigate identity crime.

The National Computer Forensic

Institute. Established in 2007 by the

Alabama District Attorneys

Association and the U.S.

Department of Homeland Security,

the Institute will train investigators

from around the country in

techniques to extract digital

information, analyze it and pre-

serve it for presentation to a jury.

In 2008, ITAC will introduce

ITAC Sentinel, the only identity

protection service that includes

ITAC victim assistance. ITAC

Sentinel advances two key elements

of ITACs mission: making ITAC

victim assistance available to all

consumers and helping ITAC

members protect their customers

from identity fraud.


26/39

Agents for Change

A trade association of insurance

agents and brokers from acrossall lines of insurance, Agents forChange continues to work tosimplify regulation for agents,brokers, and insurers.

Grassroots support from the

producer community is key tothe enactment of an optionalfederal charter (OFC) andAgents for Change is seen as aleader on this issue by Congress,the press, and other trades.

In 2007, due in part to the efforts of Agents

for Change, Senators Tim Johnson (D-SD) and

John Sununu (R-NH) reintroduced the National

Insurance Act of 2007 (S. 40) on May 24.

Additionally, Representatives Melissa Bean (D-IL)

and Ed Royce (R-CA) introduced companion

legislation (H.R. 3200) by the same name in the

House of Representatives on July 26. This was the

first year bipartisan OFC legislation was introduced

in both houses of Congress and it is considered a

major victory for proponents of an OFC. Moreover,

two hearings were held in October in a House

Financial Services Subcommittee on the need for

insurance regulation reform.

Membership in Agents for Change increased 50

percent in 2007 to over 4,500 members nationwide.

Members attended 59 meetings with legislators

Agents ForChange

Continues To

Grow And GainMomentum



27/39

and/or their staff, with nineteen

of these meetings held in the

members district. Three hundr

twenty five members of Agents

for Change signed an open lette

to Congress urging their suppor

of an OFC. Additionally, Agent

for Change has generated more

than 1,000 personalized letters

to Congress.

Agents for Change continue

to enjoy a wide profile. In June

members of the Board of Dir-

ectors met with David Nason,

Assistant Secretary for Financia

Institutions, U.S. Department

of the Treasury, to request

support for regulatory reform.Additionally, in November, the

Board sent a letter to Treasury

Secretary Paulson in response t

the request for comments on th

regulatory structure associated

with financial institutions.

The growth of Agents for

Change also extended to the

support received from Round-

table member companies, with

the number growing from

18 to 22 in 2007.

With the focus now shifting

to securing co-sponsors of the

legislation, members of Agents

for Change will continue to

ensure that their federally elect

officials understand that their

constituents who sell insurance

products support an OFC.

"Simplifying Regulation for Agents and Brokers..."


28/39

Looking to the Future

Specific recommendations to

enhance American competitive-ness and to prevent and preparefor future mega catastrophes wereprovided by three studies releasedin 2008.

Not only do the member

companies of The FinancialServices Roundtable representthe companies that fuel Americaseconomic engine, the companiesthemselves consist of individu-als uniquely qualified toexamine some of the mostcritical issues facing our

country today and providespecific and detailed policyrecommendations to betterprepare our country forthe future.

The Roundtable-formed Blue Ribbon Commission

on Mega Catastrophes released A Call To Action. The

Roundtable also released two publications that makes

a compelling case for principles-based regulation:

The Compliance Function in Diversified Financial

Institutions and The Blueprint for U.S. Financial

Competitiveness.

Mega-Catastrophes: The Key is Preparation

The Blue Ribbon Commissions report on mega-catas-

trophe preparedness recommended a series of steps the


Looking ToThe Future

The Roundtable

Takes The Lead

federal government must take to reduce the threat to

lives and the global economy, including investing in

vaccine and technology development, investing inmedical personnel and equipment to effectively treat

the afflicted, and ensuring that all firms including

financial services companies implement a pandemic

preparedness plan.

In addition, the report provided a series of recom-

mendations specific to Katrina, while also acknowledg-

ing that the issues facing New Orleans and the Gulf

Coast have repercussions for future events, including

man-made disasters. Specifically, the Commission


29/39


30/3928 THE FINANCIAL SERVICES ROUNDTABLE

2008 OfficersBoard of Directors

DirectorsTerm Expiring 2008

Term Expiring 2009

Term Expiring 2010

CHAIRMANTHOMAS A. RENYI

The Bank of New YorkMellon Corporation

CHAIRMAN-ELECTCHRISTOPHER M. CONDRON

AXA Financial, Inc.

IMMEDIATE PASTCHAIRMAN

THOMAS A. JAMESRaymond James Financial, I

DAVID R. NISSENGeneral Electric Company

Executive Committee Member

RALPH W. BABB, JR.Comerica Incorporated

KENNETH R. DUBUQUEGuaranty Financial Services

LIAM E. MCGEEBank of Americ

Corporation

KERRY K. KILLINGERWashington Mutual, Inc.


PAUL S. BEIDEMANAssociated Banc-Corp

MICHAEL D. FRAIZERGenworth Financial

DAVID W. KEMPCommerce Bancshare

RICHARD K. DAVISU.S. Bancorp


RICHARD L. CARRIONPopular Inc.

RUSSELL GOLDSMITHCity National Corporation

J. BARRY GRISWELPrincipal Financial G


31/39

BITS CHAIRMANEDWARD B. RUST, JR.


TREASURERDONJ. MCGRATH


JAMES E. ROHRThe PNC FinancialServices Group, Inc.

DONALDJ. SHEPARDAEGON USA, Inc.

RAYMOND A. MASONLegg Mason, Inc.

WILLIAMJ. NUTTAffiliated Managers Group, Inc.

WILLIAM L. WALTONAllied Capital

THOMASJ. MCINERNEYING Insurance Americas

ARTHURF. RYANPrudential Financial Inc.

JOHN G. STUMPFWells Fargo & Company

ROBERT WOLFUBS

HENRY L. MEYER IIIKeyCorp


32/39

Assets

Cash and cash equivalents

Accounts receivable

Due from ITAC

Prepaid expenses

Investments

Property and equipment, net

Deposits

Deferred compensation assets

Total assets

Liabilities and Net Assets

Liabilities

Accounts payable

Accrued expenses

Deferred assessment income

Deferred rent

Accrued deferred compensation

Total liabilities

Net Assets

Unrestricted:

Undesignated


Anthony T. Cluff Research Fund

Total unrestricted

Total liabilities and net assets

2007

$ 4,639,132160,135

88,764

145,082

3,992,315

1,409,717

85,267

1,398,323

$11,918,735

$ 321,116

2,436,524

1,770,865

247,818

1,473,680

6,250,003

4,464,213

887,189

317,330

5,668,732

$11,918,735

2006

$ 5,294,315106,322

112,938

237,563

3,997,501

1,684,636

61,642

1,305,652

$12,800,569

$ 514,565

1,811,087

2,242,639

286,692

1,305,652

6,160,635

5,579,737

811,004

249,193

6,639,934

$12,800,569


Dear Reader,

The following financial information was derived

from the Roundtables audited financial statements,

which contained an unqualified opinion from

Rogers & Company PLLC, Vienna, Virginia

dated February 27, 2008. The audited financial

statements were reviewed by the Roundtable Board

of Directors and the Audit Committee, Chaired

by Mr. Don J. McGrath, BancWest.

The Financial Services RoundtableStatements of Financial Position

December 31, 2007 and 2006

A complete copy of this audit is available

from Chief Financial Officer George Forsberg,

[email protected], or you may contact me

directly, [email protected].

Sincerely,

Steve BartlettPresident and CEOThe Financial Services Roundtable


33/39

The Financial Services RoundtableStatements of Activities

For the Years Ended December 31, 2007 and 2006

Unrestricted Revenue and Support

Membership duesCoalition revenue

Meetings

Investment income

Community Build Day

Other income

Council on Consumer Finance Grant Fund

Total revenue and support

Expenses

Program services:Roundtable services:

Executive Thought Leadership

Government Affairs

Meetings and member activities

Communications and Special Projects

Membership

Total Roundtable services

BITS


Coalition activities

Council on Consumer Finance Operations

Community Build Day

Agents for Change

Anthony T. Cluff Research Fund

Council on Consumer Finance Grants

Total program services

General and administrative

Total expenses

Change in Net Assets before effect of adoption of SFAS No. 158

Cumulative effect of change in accounting principle

Change in Net Assets

Net Assets, beginning of year

Net Assets, end of year

2007

$13,010,104888,761

703,911

560,609

330,000

18,389

-

15,511,774

1,930,495

1,356,069

1,141,287

610,697

193,882

5,232,430

3,755,439

1,689,515

911,645

635,693

384,688

298,841

151,508

-

13,059,759

3,004,758

16,064,517

(552,743)

(418,459)

(971,202)

6,639,934

$ 5,668,732

2006

$12,281,725863,323

935,398

531,796

187,500

164,812

3,582,215

18,546,769

2,003,688

1,558,336

1,041,221

641,937

143,913

5,389,095

3,362,397

1,673,621

859,543

677,425

254,318

211,961

114,318

3,582,215

16,124,893

2,772,217

18,897,110

(350,341)

-

(350,341)

6,990,275

$ 6,639,934


34/39

The Financial Services RoundtableStatements of Cash Flows

For the Years Ended December 31, 2007 and 2006

Cash Flows from Operating Activities

Change in net assetsAdjustments to reconcile change in net assets to net cash

used in operating activities:

Depreciation

Net realized and unrealized losses (gains)

Adoption of SFAS No. 158

Change in operating assets and liabilities:

(Increase) decrease in accounts receivable

Decrease (increase) due from ITAC

Decrease in prepaid expenses

Increase in deposits (23,625) (24,570)(Increase) decrease in deferred compensation assets

Decrease in accounts payable

Increase in accrued expenses

(Decrease) increase in deferred assessment income

Decrease in deferred rent

Increase (decrease) in accrued deferred compensation

Decrease in grant liability due

Net cash used in operating activities

Cash Flows from Investing Activities

Proceeds from sale of investments

Purchase of investments

Purchase of property and equipment

Net cash used in investing activities

Net Decrease in Cash and Cash Equivalents

Cash and Cash Equivalents, beginning of year

Cash and Cash Equivalents, end of year

2007

$ (971,202)

337,168

7,914

418,459

(53,813)

24,174

92,481

(23,625)

(92,671)

(193,449)

206,978

(471,774)

(38,874)

168,028

-

(590,206)

533,321

(536,049)

(62,249)

(64,977)

(655,183)

5,294,315

$ 4,639,132

2006

$ (350,341)

342,000

(2,502)

-

972,740

(47,742)

76,240

(24,570)

1,190,033

(185,597)

401,780

1,021,796

(38,874)

(1,190,033)

(5,011,674)

(2,846,744)

2,897,000

(3,068,582)

(1,647,386)

(1,818,968)

(4,665,712)

9,960,027

$ 5,294,315



35/39

The MissionThe Financial Services Roundtable

To be the premier executive forum for the leaders

of the financial services industry.

To provide powerful legislative and regulatory

advocacy.

To enhance the industrys public reputation.

Led by BITS, to promote best practices and a

strong infrastructure in technology.

Core Beliefs

Large, integrated financial services companies

finance most of the nations economy and are

critical to its sustained growth. Large is defined

as one of the largest 150 financial services

companies in the United States.

The competitive marketplace should largely govern

the delivery of products and services, and

regulation should provide safety and soundness,

and consumer protections.

Uniform national standards across state lines are

critical for the efficient and effective delivery

of products and services.

The effective use of technology is essential for

the delivery of services in this new industry.

Governing Principles

Strategic Focus

Advocacy is the Roundtables Job One.

The breadth of policy issues affecting our members

adds to our advocacy strength.

A positive public reputation enhances advocacy, but

must be targeted carefully and managed efficiently.

Roundtable meetings offer financial services

executives a useful venue to network with their

peers and other executives.

Strengthening technology is an integral part of

our mission.



Carrie M. Neckorcuk

VICE PRESIDENT OF HUMAN RESOURCES AND ADMINISTRATION

Connie NelsonPROJECT MANAGER-GOVERNMENT AFFAIRS

Melissa Netram

DIRECTOR OF REGULATORY AND SECURITIES AFFAIRS

Cindy G. Nettles

ASSISTANT TO THE PRESIDENT

Christeen Phelps-Butler

DEPUTY DIRECTOR OF MEETINGS AND EVENTS

Sharon Salter

SENIORVICE PRESIDENT OF MEETINGS AND EVENTS

Jennifer Smith

VICE PRESIDENT FORPUBLIC AFFAIRS

Sharon Smith

GOVERNMENT AFFAIRS ADMINISTRATOR AND PAC MANAGER

Scott E. Talbott

SENIORVICE PRESIDENT OF GOVERNMENT AFFAIRS

Kristen M. Washington

DIRECTOR OF MEMBERSHIP AND INFORMATION SERVICES

Kim A. Wheelbarger

SENIOREXECUTIVE ASSISTANT TO THE EXECUTIVE DIRECTOR

Lenora Wright-Williams

RECEPTIONIST/FRONT DESKCOORDINATOR

StaffThe Financial Services Roundtable

Steve Bartlett

PRESIDENT & CEO

Richard M. WhitingEXECUTIVE DIRECTOR AND GENERAL COUNSEL

Andrew Barbour

VICE PRESIDENT FORINSURANCE, TECHNOLOGY AND

INTERNATIONAL AFFAIRS

Paul J. Begey

DIRECTOR, GOVERNMENT AFFAIRS

Brenda Bowen

GOVERNMENT AFFAIRS SPECIALIST

Marquita Brown

ACCOUNTS PAYABLE CLERK

Keosha Burns

COMMUNICATIONS MANAGER

Irving E. Daniels, Jr.

VICE PRESIDENT FORBANKING AND SECURITIES

George D. Forsberg, CPA

CHIEF FINANCIAL OFFICER

Deirdre Graham

EVENTS COORDINATOR/OFFICE ASSISTANT

Blake Grimm

MEMBERSHIP ASSISTANT AND WEBMASTER

Aleksia Ilic

PROJECT MANAGER, COMMUNITY SERVICE 2008,

COUNCIL ON CONSUMERFINANCE


37/39

BITS

Leigh Williams

PRESIDENT OF BITS

Tanya Bailey

VICE PRESIDENT, MEETINGS AND EVENTS

Wattie Bennett

EXECUTIVE ASSISTANT

John Carlson

SENIORVICE PRESIDENT, REGULATORY AFFAIRS

John A. Ingold

DIRECTOR, VENDORMANAGEMENT

Andrew Kennedy

PROJECT ADMINISTRATOR

Ann Patterson

VICE PRESIDENT, COMMUNICATIONS

Matt RibePROJECT MANAGER

Paul Smocer

VICE PRESIDENT, SECURITY

Heather Wyson

DIRECTOR, FRAUD


John Dalton

PRESIDENT OF THE HPC

Paul M. Leonard

VICE PRESIDENT OF GOVERNMENT AFFAIRS, HPC

Katie Stevens

EXECUTIVE DIRECTOR, HOPE, GOVERNMENT AFFAIRS MANAGER,

HOUSING POLICY COUNCIL

Ryan Caruso

GOVERNMENT AFFAIRS ASSISTANT, HOUSING POLICY COUNCIL

Identity Theft Assistance Center

Anne Wallace

PRESIDENT

Agents for Change

Peter Ludgin

EXECUTIVE DIRECTOR

Independent Contractors

John Doyle

BLUE RIBBON COMMISSION ON COMPETITIVENESS

Consultants

William Longbrake

CONSULTANT



Member Companies

The Financial Services Roundtable

AEGON USA, Inc.

Affiliated Managers Group, Inc.

Allianz Life Insurance Company of North AmericaAllied Capital Corporation

The Allstate Corporation

American International Group, Inc. (AIG)

Ameriprise Financial, Inc.

Aon Corporation

Associated Banc-Corp

Assurant, Inc.

AXA Financial, Inc.

BancorpSouth, Inc.



Bank of Hawaii Corporation

The Bank of New York Mellon Corporation

Barclays Capital, Inc.

BB&T Corporation

Capital One Financial Corporation

The Charles Schwab Corporation

The Chubb Corporation

Citigroup Inc.

Citizens Financial Group, Inc.

City National Corporation

Comerica Incorporated

Commerce Bancshares, Inc.Compass Bancshares, Inc.

Countrywide Financial Corporation

Cullen/Frost Bankers, Inc.

Edward Jones

Federated Investors, Inc.

Fidelity Investments

Fifth Third Bancorp

First Commonwealth Financial Corporation

First Horizon National Corporation


Fulton Financial Corporation

General Electric CompanyGenworth Financial


Guaranty Financial Services


The Hartford Financial Services Group, Inc.

HSBC North America Holdings, Inc.

Huntington Bancshares Incorporated

ING

John Deere Credit Company

John Hancock Financial Services, Inc

JPMorgan Chase & Co.

KeyCorp

Legg Mason, Inc.Lincoln National Corporation

M&T Bank Corporation

Marshall & Ilsley Corporation

MasterCard Incorporated

Merrill Lynch & Co., Inc.

Mutual of Omaha Insurance Company


Nationwide

The NASDAQ Stock Market, Inc.

Northern Trust Corporation

The PMI Group, Inc.

The PNC Financial Services Group, Inc.Popular, Inc.

Principal Financial Group

Protective Life Corporation


Raymond James Financial, Inc.

RBC Centura Banks, Inc.


Safeco Corporation


State Street Corporation


SynovusTD Banknorth Inc.

TIAA-CREF


UBS

UnionBanCal Corporation

United Bankshares, Inc.

Unum

USAA

U.S. Bancorp

Visa, Inc.


Waddell & Reed Financial, Inc.Washington Mutual, Inc.

Webster Financial Corporation


Western & Southern Financial Group

Whitney Holding Corporation

Zions Bancorporation

Zurich Financial Services


39/39

THE FINANCIAL SERVICES ROUNDTABLE1001 Pennsylvania Avenue, N.W., Suite 500 South

Washington, DC 20004202-289-4322 T202-628-2507 [email protected]

www.fsround.org

Roundtable Annual Report FINAL

Documents